Correlation Between TFI International and 12572QAK1
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By analyzing existing cross correlation between TFI International and CME 265 15 MAR 32, you can compare the effects of market volatilities on TFI International and 12572QAK1 and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in TFI International with a short position of 12572QAK1. Check out your portfolio center. Please also check ongoing floating volatility patterns of TFI International and 12572QAK1.
Diversification Opportunities for TFI International and 12572QAK1
-0.01 | Correlation Coefficient |
Good diversification
The 3 months correlation between TFI and 12572QAK1 is -0.01. Overlapping area represents the amount of risk that can be diversified away by holding TFI International and CME 265 15 MAR 32 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CME 265 15 and TFI International is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on TFI International are associated (or correlated) with 12572QAK1. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CME 265 15 has no effect on the direction of TFI International i.e., TFI International and 12572QAK1 go up and down completely randomly.
Pair Corralation between TFI International and 12572QAK1
Given the investment horizon of 90 days TFI International is expected to generate 1.83 times more return on investment than 12572QAK1. However, TFI International is 1.83 times more volatile than CME 265 15 MAR 32. It trades about 0.23 of its potential returns per unit of risk. CME 265 15 MAR 32 is currently generating about -0.09 per unit of risk. If you would invest 13,429 in TFI International on September 4, 2024 and sell it today you would earn a total of 1,664 from holding TFI International or generate 12.39% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 90.48% |
| Values | Daily Returns |
TFI International vs. CME 265 15 MAR 32
Performance |
| Timeline |
| TFI International |
| CME 265 15 |
TFI International and 12572QAK1 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with TFI International and 12572QAK1
The main advantage of trading using opposite TFI International and 12572QAK1 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if TFI International position performs unexpectedly, 12572QAK1 can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in 12572QAK1 will offset losses from the drop in 12572QAK1's long position.| TFI International vs. Old Dominion Freight | TFI International vs. ArcBest Corp | TFI International vs. Marten Transport | TFI International vs. Werner Enterprises |
| 12572QAK1 vs. Mangazeya Mining | 12572QAK1 vs. Lindblad Expeditions Holdings | 12572QAK1 vs. TFI International | 12572QAK1 vs. Barrick Gold Corp |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Stocks Directory module to find actively traded stocks across global markets.
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